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Topic: [ANN][SIM] Simcoin - A Simple Coin (Read 62852 times)

Although I said that there will be no Account Control in v1.0, we still need some mechanism to deal with the supply problem.

So I've implemented time locks: now any account can be locked for a certain period of time with unspendable amount and a spending rate (max 42 M SIM / day).

In addition to that, txs from Genesis will require approval of one or more "senators" - elected accounts with delegated stake. They will decide when to spend, how much and which account to forward the money to. To approve Genesis tx a certain quorum of senators must co-sign it.

Txs from Genesis account will have additional powers, for example they will allow senators to revoke any NODE status in case some node starts misbehaving.

The initial idea was to allow direct governance by popular vote, but this is both overly complicated and not particularly wise. So the new idea is to use representative democracy with senators.

This will allow you to delegate your stake to whomever you think represents your interests best. Senators power should probably be limited, for example they won't be able to block any money transfers or accounts.

In addition to that, txs from Genesis will require approval of one or more "senators" - elected accounts with delegated stake. They will decide when to spend, how much and which account to forward the money to. To approve Genesis tx a certain quorum of senators must co-sign it.

Are you not afraid of sockpuppets and other forms of corruption? And don't you think people will disapprove the centralized aspect of using just a few people who can make decisions?

This will allow you to delegate your stake to whomever you think represents your interests best. Senators power should probably be limited, for example they won't be able to block any money transfers or accounts.

I am not yet sure about that. I was against DPoS before and am still mostly against it. Delegation solves the problem of limited stake in nodes, but on the other hand increases the risk and also allows people to monetize their power. So still thinking about this... For now power can only be delegated to senators.

There are no proposals. The only power senators have is to send txs from Genesis accounts (and any other with the special status).

This allows them to spend Genesis money and to recall account statuses, for example revoke the NODE status in case a node is proven to be malicious. They can also change some system variables that are stored in the ledger.

I wonder if we ever hear from Overlord again or it will eventually turn (if not already) into another scam, but this time disguised as perfectionism.

It was(/is?) more an experiment than a scam, like all serious initiatives in the Wild West of Crypto. Nobody knows if it's all gonna work out in practice. Experiments can fail. And maybe this one did, whatever the reason. But even if it did, with a little bit of luck lessons were learned and that might even lead to something new.

Doesn't seem like experiment, not from development point of view anyway. He's without doubt smart and talented enough to finish the job and release the coin, he just doesn't want to.

It looks like Sim was several times release ready, but he changed things over and over again for some unexplainable reasons. Then, not a while ago he wanted to reduce our shares by the factor of 1000 and again it looked like it's almost ready for the release but he wanted to keep more coins for himself. His idea wasn't met with joy so he just disappeared.